USD/JPY consolidates at 7-month highs

FXStreet (Córdoba) - The USD/JPY took a step higher and printed a fresh 7-month high during the European session but lacked follow-through as markets have been fairly quiet as US is out for Labor Day.

The USD/JPY started the week on a positive note and hit its highest level since January at 104.30 before easing slightly. At time of writing, the pair is trading at 104.27, recording a 0.20% gain on the day.

USD/JPY levels to watch

If the USD/JPY breaks decisively above 104.30 next resistances are seen at 104.57 (Jan 22 high) and 104.84 (Jan 23 high), while on the other hand, supports could be found at the 104.06/00 area (Aug 29 closing price/psychological level) and 103.84 (10-day SMA).